New York Federal Judge Confirms London Awards Ordering $18.6M Payment
Mealey's (February 25, 2016, 2:27 PM EST) -- NEW YORK — After rejecting a Chinese bank's arguments that arbitration awards issued in London in relation to a ship-building agreement and refund guarantees were not enforceable, a New York federal judge on Feb. 22 granted a maritime company's petition to confirm awards ordering the bank to pay it $18.6 million in damages (Crescendo Maritime Co. v. Bank of Communications Company Ltd., No. 15-4481, S.D. N.Y.; 2016 U.S. Dist. LEXIS 21824).
(Opinion available. Document #05-160322-001Z).
Crescendo Maritime Co. filed a petition in the U.S. District Court...